It works really well because Valve hires only highly experienced Senior people. Which is why they're able to manage themselves.

They liked my game ideas in my blog (I even predicted Steam's Big Picture mode) and I got a call from Greg Coomer, but ultimately I never got an interview because I didn't have the experience and hadn't shipped any real profitable products. It was a really nice reality check though. It made me realize where I am in life and where I need to go. So thank you Greg.

Also, they play the "Portal - Still Alive" song when you're on hold.